August ‘24 Market Update

Based on MLS data aggregated by Texas A&M Real Estate Research Center, please see this month’s market update and related graphs. Presented are the last 15 months of selected housing data for Texas’ 4 major metropolitan markets of Austin, Dallas, Houston, and San Antonio.

The recently released August 2024 figures have moderated from their recent market declines. Active listings moderated, as well as the supply of inventory.  August housing supply levels resulted in a little firming, for the most part, by declining a bit from July’s numbers. All 4 markets have a supply of inventory of at least 4 months. Inventory supply is defined by how many months it would take to sell all the current inventory at the current sales pace, should no other homes be listed. Similarly to supply declining a bit, prices also declined slightly compared to July’s figures.

With the recent decline in mortgage rates to the lowest rates since spring of 2023, we believe the housing market may be catching a breather and getting its legs underneath itself. The overall market seems to be in balance, with the buyers having a slight upper hand in negotiations. The current headwinds are slower selling season for the next several months, along with a challenged consumer, and uncertainty regarding the upcoming election may have some buyers holding out.